The author is a Forbes contributor. The opinions expressed are those of the writer.

Loading ...

Loading ...

This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. Subscribe

Image via CrunchBase

Surveys have found that roughly 95 percent of the investing public do not know the difference between brokers and investment advisors. By law, investment advisors are held to a fiduciary standard -- think something like a trustee. By law, brokers are specifically exempted from the fiduciary standard. HighTower Advisors produced a two-and-a-half minute You Tube video on the distinction between a broker and a fiduciary.